On the 12-5-2020 the Law 4251/2014 (Golden Visa Program) was amended as follows:

“The minimum value of the real estate at the time of its acquisition, as well as the total contractual lease of hotel accommodation or tourist accommodation, as shown by the notarial transfer deeds and, if they are subject to the payment of a credit price, the corresponding legally transcribed notarial deed of redemption and the dissolution of the lease, or the lease agreements, respectively, is set at two hundred and fifty thousand (250,000) euros and must have been paid in full before applying for a permanent residence permit.

The new amendment at the “Golden Visa Program” releases the investor from the obbligation of paying in full the required amount at the time of the signing of the final contact of acquisition. The amount could be paid in full or partly as long as it is paid in full before the investor applies for an investor’s residence permit (Golden Visa Program).

By this amendment the following are in force: 1. Α resolutive clause can be included in the final contract of acquisition. 2. The price must be paid before applying for an investor’s residence permit at the immigration service.

The Greek government has been working on ways to facilitate foreign investment activities in the country without the obbligation of a visit in person. At the same time, all the Greek banks are undertaking steps associated with the electronic identification of investors who need to open local bank accounts from abroad. It is estimated that some of the procedures in regards to the Golden Visa program such as the issuanse of a Greek Tax Number and the signing of Power of Attorney can be accomplished from the applicant’s current residence.

These new provisions make the procedure for applying for an investor’s residence permit easier and effortless.

If you are interested to know more about the Golden Visa Program please visit  Law Office Stathaki